Essel Propack spurts on Chandra's stake buy

DALAL STREET SPIKES

Essel Propack spurted over 10 per cent in intra-day trades on Subhash Chandra's increasing stake in the company. Zee Telefilms chairman along with others acquired 22 per cent stake in Essel Propack from Essel's foreign promoter Arfen Hsu.

The stock hit an intra-day high of Rs 355 before closing at Rs 345.85, up 8.83 per cent from its previous close. Essel Propack is mainly into packaging business and posted a profit after tax of Rs 11.50 crore, down 1.71 per cent over the corresponding period on a net sales of Rs 62.40 crore, up 10.25 per cent during the same period.